Calculation Of Interest. (Savings Bank)

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Presentation transcript:

Calculation Of Interest. (Savings Bank) Interest in a SB account is calculated every year on 31st March. To calculate the annual interest in a SB account Interest Bearing Balance (IBB) is carried out each month. IBB is the Lowest balance between close of 10th and last day of calendar month. If the balance in a particular month is less than Rs.20/- ignore it for IBB . RULE NO : 74 POSB Manual Volume -I PPT 2.1.30

RULE NO : 74 POSB Manual Volume -I * IBB is Calculated from April to March every year. * The formula of calculation of interest is as follows. Total Interest Bearing Balance X Rate of interest Interest = ----------------------------------------------------- 12 X 100 RULE NO : 74 POSB Manual Volume -I PPT 2.1.31

RULE NO : 74 POSB Manual Volume -I If the Interest arrived at is less than Re.1/- it is not added to the account. Interest arrived is always rounded to nearest rupee. Annual Interest calculation is done at Head Office only. RULE NO : 74 POSB Manual Volume -I PPT 2.1.32

RULE NO : 74 POSB Manual Volume -I Interest statement is sent to all Departmental Sub Offices by HO for posting in passbooks. In Sanchya Post Software Interest is calculated automatically. RULE NO : 74 POSB Manual Volume -I PPT 2.1.33